Fitch Ratings has affirmed Germany's long-term foreign and local currency issuer default ratings at 'AAA' with stable outlooks.
The issue ratings on Germany's unsecured foreign and local currency bonds have been affirmed at 'AAA'. Fitch has also affirmed the Short-Term Foreign and local currency IDRs at 'F1+' and country ceiling at 'AAA'.
Fitch says the 'AAA' ratings primarily reflect Germany's strong institutions and diversified, high value-added economy. A large and sustained structural current account surplus supports the country's net external creditor position.
Government debt (71.2% of GDP in 2015) is higher than the 'AAA' median (42.4%) but is firmly on a downward path.